Overview:
- The USD/CAD pair is going to call for an uptrend market this week because the price will probably be trapped between the levels of 1.4480 and 1.4705 in order to form a range of 225 pips (at least). The support is found at the level of 1.4385 (the weekly pivot point). Therefore, bulls are going to buy above the level of 1.4480 with the first target at 1.4606. So, the trend will call for a bullish market at the level of 1.4702 since there is a strong bullish channel. Additionally, it should be noted that the trend has been calling for a strong bullish market since last month and moved up by 500 pips last week. We expect the USD/CAD pair to continue towards the weekly resistance 1 around the area of 1.4705.
Forecast:
- Buy above the spot of 1.4480 (a major support sets at 1.4385) with the targets of 1.4606 and 1.4702. However, the stop loss should be placed at 1.4366.
